Sales of existing homes surged in February, up nearly 10% from January to an annual rate of 4,380,000 versus the 3,950,000 expected. It was the largest monthly gain in a year. Digging into the numbers ... the median existing-home sales price rose 5.7% from February 2023 to $384,500 – the eighth consecutive month of year-over-year price gains. The inventory of unsold existing homes increased 5.9% from one month ago to 1.07 million at the end of February, or the equivalent of 2.9 months' supply at the current monthly sales pace.
The takeaway... as mortgage rates ease a bit and with supply increasing, the Spring buying season could be positive for potential home buyers as well as the overall housing market.
